Ashmore Wealth Management LLC lessened its stake in Cognizant Technology Solutions Corp (NASDAQ:CTSH) by 7.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,077,444 shares of the information technology service provider’s stock after selling 84,112 shares during the period. Cognizant Technology Solutions comprises about 4.2% of Ashmore Wealth Management LLC’s investment portfolio, making the stock its 6th largest position. Ashmore Wealth Management LLC owned approximately 0.19% of Cognizant Technology Solutions worth $83,125,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Willingdon Wealth Management acquired a new position in Cognizant Technology Solutions in the third quarter worth $120,000. Fort L.P. acquired a new position in Cognizant Technology Solutions in the second quarter worth $123,000. Johnson Financial Group Inc. boosted its holdings in Cognizant Technology Solutions by 2,434.4% in the third quarter. Johnson Financial Group Inc. now owns 1,622 shares of the information technology service provider’s stock worth $125,000 after purchasing an additional 1,558 shares during the period. Honkamp Krueger Financial Services Inc. acquired a new position in Cognizant Technology Solutions in the third quarter worth $134,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Cognizant Technology Solutions in the third quarter worth $146,000. Institutional investors and hedge funds own 88.12% of the company’s stock.
CTSH stock opened at $71.23 on Friday. The stock has a market capitalization of $40.71 billion, a P/E ratio of 20.18, a P/E/G ratio of 1.44 and a beta of 0.96. Cognizant Technology Solutions Corp has a fifty-two week low of $65.14 and a fifty-two week high of $85.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.24 and a quick ratio of 3.24.
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 30th. Investors of record on Tuesday, November 20th were issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.12%. The ex-dividend date was Monday, November 19th. Cognizant Technology Solutions’s payout ratio is currently 22.66%.
In other Cognizant Technology Solutions news, EVP James Patrick Lennox sold 842 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $75.20, for a total value of $63,318.40. Following the sale, the executive vice president now directly owns 5,555 shares in the company, valued at $417,736. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Robert Telesmanic sold 5,062 shares of the business’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $68.00, for a total transaction of $344,216.00. The disclosure for this sale can be found here. Insiders sold 12,773 shares of company stock valued at $929,282 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.
A number of equities analysts have commented on the stock. Loop Capital set a $94.00 price objective on shares of Cognizant Technology Solutions and gave the stock a “buy” rating in a report on Monday, November 19th. Cowen downgraded shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and set a $75.00 price target for the company. in a report on Monday, November 26th. Jefferies Financial Group began coverage on shares of Cognizant Technology Solutions in a report on Tuesday, November 20th. They set a “hold” rating and a $70.00 price target for the company. BMO Capital Markets reissued a “hold” rating and set a $75.00 price target on shares of Cognizant Technology Solutions in a report on Tuesday, November 20th. Finally, BidaskClub raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Wednesday, November 21st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $82.71.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
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